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SOSC Lecture #6.docx

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Social Science
SOSC 1000
Terry Conlin

SOSC Lecture #6 October 24 2013 • 6. Attack on Keynesianism (Right & Left) • Late 1960s early 1970s, interesting developments. • Leader of free world, US, suffering from huge balance of payment problem, Vietnam war. • Early 1970s, govt running deficit after deficit. • Increasing level of unemployment and inflation -> Stagflation. • Under Keynesian, its theoretically impossibly. • Road to freedom, promise of post-war world. • Response -> The road of serfdom. Not about liberalism, not capitalism, it was big governments. About advance socialism • Milton Freedman, argues we may be Keynesians. • Focus on inflation as a problem, supply problem, taxing and spending, monitory policy. • Keep inflation as low as possible, regardless of cost and unemployment. • A) Government is too big, so large that Keynesian policies are messing up the economy. Income tax too high. • Personal income tax, so high that people aren’t interested in making money. • Corporate tax, too harsh. • End of world war, 50 cents of every dollar in income tax came from corporate. Now its 8- 9 cents. • De-Regulate the economy. • During K period, govt became active participants. • Get govt out of market as a competitor to private businesses • B) Big Labour. • 1944, fed govt of Canada, collective bargain compulsory • Companies MUST talk to unions. Bargain in good faith. • Cant be fired for doing union work. • Inflation -> bargain power is weakened. • Govt acting like Robin Hood. Steal from rich, give to poor. Keynesian welfare state. • Ideological right, stop robin hood. • Time to privatize, return to self regulating, disembbed, free regulated market. Smith model. • Ideological Left • 1848,in a capitalist economy, govt is the tool of the capitalist class, Marx. • Bourgeois says jump, govt says how high? • Capitalism in crisis, eventually destroy replaced by socialism. • Transform socialism into communist socie
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